Trump's $TRUMP Memecoin: A Wild Ride, Millions Made, Senate Bill Rejected
The TRUMP memecoin, launched with fanfare, has seen a rollercoaster ride in its value and faced criticism due to its association with former US President Donald Trump. Unscrupulous traders exploited the coin's volatility, netting nearly $133 million, while Trump's involvement sparked a backlash in Washington.
On its first day, the TRUMP memecoin's value soared to over $14.5 billion, only to crash within a week to about half its value. This volatility attracted unscrupulous traders who, using 58 addresses, generated over $10 million each in trading. Meanwhile, Trump's involvement in crypto led to a Senate rejection of the GENIUS Act, a bill aimed at incorporating stablecoins into the US financial system. The bill was defeated by a narrow margin of 48-49.
The coin's creators, including Trump Trust-owned firms CIC Digital and Fight LLC, have benefited significantly. They made over $320 million in trading fees. Top holders, who paid between $53,500 and $16.4 million for dinner invitations with Trump, spent over $140 million in total. However, as of last week, approximately 38% of the wallets that purchased TRUMP had lost money trading the token.
The TRUMP memecoin's rapid rise and fall, along with the unscrupulous trading and Trump's involvement, have raised concerns. Despite the backlash, the coin's creators have profited significantly. As the dust settles, investors are left to assess their losses and the future of the memecoin.
